A movie blockbuster starring Tom Cruise and Emily Blunt is to be made at the revamped Leavesden Studios in Hertfordshire, George Osborne revealed today.

It will create 500 jobs, mostly in digital and special effects, at the studio where Warner Brothers have invested £100 million in technology, the Chancellor announced.

At a global investment conference held to cash in on the Olympics, he boasted British hi-tech had “hit a purple patch” and revealed extra investments in east London’s new technology hub Tech City. These include a research lab funded by Vodafone, a relocation by social gaming firm GREE to Tech City and a move by Barclays to set up new support for 22,000 companies. The Chancellor said: “No other country is more open to technology, investment and business.”

Mr Osborne received a boost after David Cameron confirmed he will remain as Chancellor in the reshuffle expected next month.